Distillate Inventories 10% Below Five-Year Average
February 26, 2024
Energy prices fell on Friday by more than 2.3% mainly driven by lower probability the Fed will cut rates anytime soon, peace negotiations appearing stronger in Paris between Israel and Hamas that could end oil supply disruption risks in the Middle East, and Baker Hughes reporting that 6 crude oil rigs came online this past week in the US.
The ceasefire talks are certainly a big news items for energy prices. Despite the US continuing with some bombing over the weekend of Houthi sites the ongoing talks are the thing to watch.
US commercial crude oil inventories increased by 3.5 million barrels week over week to 443 million barrels and are 2% below the five-year average.
Total gasoline inventories decreased by 300,000 barrels week over week and are 2% below the five-year average.
Distillate inventories decreased by 4 million barrels week over week and are 10% below the five-year average.